The only problem is: getting in contact with Tom Williams.
Heh, simply ask mtgox who is that dude that dumped 10,000 BTC a few hours ago
Topic: Mybitcoin.com Press Release #2 - page 4. (Read 13782 times)
Heh, simply ask mtgox who is that dude that dumped 10,000 BTC a few hours ago
The only problem is: getting in contact with Tom Williams.
I said this before, and it only applies if MyBitcoin's losses are at the "thousands" scale: I wonder if we can buy him out.
Let's say 10000 BTC got stolen. A trusted intermediary (the new administrative board + jury) could create a new asset on GLBSE with 10000 shares, each worth 1 BTC, so that the new company would be 100% publicly owned.
This way, everyone gets their money back AND we save MyBitcoin, which is IMO a valuable asset for the community. Otherwise, both will be lost. Plus, Tom Williams can stay anonymous. Win-Win-Win.
Let's say 10000 BTC got stolen. A trusted intermediary (the new administrative board + jury) could create a new asset on GLBSE with 10000 shares, each worth 1 BTC, so that the new company would be 100% publicly owned.
This way, everyone gets their money back AND we save MyBitcoin, which is IMO a valuable asset for the community. Otherwise, both will be lost. Plus, Tom Williams can stay anonymous. Win-Win-Win.
Hmmmm, this...looks like a bailout.
I don't think we'd be buying him out, we should offer him 1btc for all of mybitcoin.com, all it's assets and liabilities, end result being we take over responsibility and Mr. Williams can walk away from this mess. There is no reason to actually pay him more than a token amount for mybitcoin and everything with it, it's already broke and worth nothing to him, if anything it's a major headache for him.
That's only if some conditions are met:
1) The amount of btc lost is less (perhaps a lot less) than the share capital we raise to "recapitalise" mybitcoin (oh God this sounds familiar).
2) mybitcoin.com could generate enough profit to eventually repay these capital costs.
IF those conditions are met then yeah, we can bail ou.... I mean buy out mybitcoin.com
Interested parties should pm or email me [email protected], I'll handle everything with regards GLBSE, someone else needs to get in contact with Mr. Williams and get a response from him on this as I don't know the guy.
Nefario.
Very interesting solution! I hope this one, or something like it, pans out. As a caveat, I once bought out the entire stock of this one guy's business. The next day when I went to load up the merc, some items that had good value were missing. I didn't call him out on it because the price point I offered, and he accepted, was quite low, but I also knew that it was not outside the realm of possibilities that this would happen--and this time it did.
I said this before, and it only applies if MyBitcoin's losses are at the "thousands" scale: I wonder if we can buy him out.
Let's say 10000 BTC got stolen. A trusted intermediary (the new administrative board + jury) could create a new asset on GLBSE with 10000 shares, each worth 1 BTC, so that the new company would be 100% publicly owned.
This way, everyone gets their money back AND we save MyBitcoin, which is IMO a valuable asset for the community. Otherwise, both will be lost. Plus, Tom Williams can stay anonymous. Win-Win-Win.
Let's say 10000 BTC got stolen. A trusted intermediary (the new administrative board + jury) could create a new asset on GLBSE with 10000 shares, each worth 1 BTC, so that the new company would be 100% publicly owned.
This way, everyone gets their money back AND we save MyBitcoin, which is IMO a valuable asset for the community. Otherwise, both will be lost. Plus, Tom Williams can stay anonymous. Win-Win-Win.
Hmmmm, this...looks like a bailout.
I don't think we'd be buying him out, we should offer him 1btc for all of mybitcoin.com, all it's assets and liabilities, end result being we take over responsibility and Mr. Williams can walk away from this mess. There is no reason to actually pay him more than a token amount for mybitcoin and everything with it, it's already broke and worth nothing to him, if anything it's a major headache for him.
That's only if some conditions are met:
1) The amount of btc lost is less (perhaps a lot less) than the share capital we raise to "recapitalise" mybitcoin (oh God this sounds familiar).
2) mybitcoin.com could generate enough profit to eventually repay these capital costs.
IF those conditions are met then yeah, we can bail ou.... I mean buy out mybitcoin.com
Interested parties should pm or email me [email protected], I'll handle everything with regards GLBSE, someone else needs to get in contact with Mr. Williams and get a response from him on this as I don't know the guy.
Nefario.
I said this before, and it only applies if MyBitcoin's losses are at the "thousands" scale: I wonder if we can buy him out.
Let's say 10000 BTC got stolen. A trusted intermediary (the new administrative board + jury) could create a new asset on GLBSE with 10000 shares, each worth 1 BTC, so that the new company would be 100% publicly owned.
This way, everyone gets their money back AND we save MyBitcoin, which is IMO a valuable asset for the community. Otherwise, both will be lost. Plus, Tom Williams can stay anonymous. Win-Win-Win.
Let's say 10000 BTC got stolen. A trusted intermediary (the new administrative board + jury) could create a new asset on GLBSE with 10000 shares, each worth 1 BTC, so that the new company would be 100% publicly owned.
This way, everyone gets their money back AND we save MyBitcoin, which is IMO a valuable asset for the community. Otherwise, both will be lost. Plus, Tom Williams can stay anonymous. Win-Win-Win.
+1
I said this before, and it only applies if MyBitcoin's losses are at the "thousands" scale: I wonder if we can buy him out.
Let's say 10000 BTC got stolen. A trusted intermediary (the new administrative board + jury) could create a new asset on GLBSE with 10000 shares, each worth 1 BTC, so that the new company would be 100% publicly owned.
This way, everyone gets their money back AND we save MyBitcoin, which is IMO a valuable asset for the community. Otherwise, both will be lost. Plus, Tom Williams can stay anonymous. Win-Win-Win.
This is a good idea. We could rename it to "ourbitcoin" too Let's say 10000 BTC got stolen. A trusted intermediary (the new administrative board + jury) could create a new asset on GLBSE with 10000 shares, each worth 1 BTC, so that the new company would be 100% publicly owned.
This way, everyone gets their money back AND we save MyBitcoin, which is IMO a valuable asset for the community. Otherwise, both will be lost. Plus, Tom Williams can stay anonymous. Win-Win-Win.
Tom Williams,
You better come up with %100 of everyone's bitcoins ASAP even if you need to buy them with your own money from one of the exchanges.
Those bitcoins are YOUR responsibility.
I can think of times in my life where I made mistakes, and paid tens of thousands of dollars out of my own pocket to make things right.
Now it is your turn.
Do the right thing.
You better come up with %100 of everyone's bitcoins ASAP even if you need to buy them with your own money from one of the exchanges.
Those bitcoins are YOUR responsibility.
I can think of times in my life where I made mistakes, and paid tens of thousands of dollars out of my own pocket to make things right.
Now it is your turn.
Do the right thing.
+1
Quote
If he's not incorporated, he can be sued for his personal assets and cash by anyone and everyone who lost bitcoins from this. I encourage people to take this route once more of his information is revealed, and if he does not fully reimburse every single person who used the service.
MyBitcoin is Limited Liability Company, i.e. owners don't take any liability for company's debts. In this case maximum you can get suing them is corporation's assets.
Fantastic 
The tech explanation doesn't add up. Is he saying they were the victim of double spend attacks?
That's the only reason 1 vs 1000 confirmations should matter.
It would be so hard to pull off a double spend in this manner that this still smacks of BS.
Not only that - if they were the victim of double-spend attacks, they should be able to provide copies the duplicate transactions spending the same input, and probably even the two blocks with different versions of the same transaction. (The official Bitcoin client stores orphaned blocks it saw that used to be part of the main chain pretty much forever.)That's the only reason 1 vs 1000 confirmations should matter.
It would be so hard to pull off a double spend in this manner that this still smacks of BS.
A double-spend with only 1 confirmation might actually be doable in this case, though, because an attacker can just keep trying repeatedly until they succeed at little or no cost to them, and because synchronization of blocks between the big mining pools isn't very good even at the best of times. Tycho's refusal to give the IP address of his Bitcoin node for Deepbit to any of the other pool operators is actually quite damaging from what I've heard.
I said this before, and it only applies if MyBitcoin's losses are at the "thousands" scale: I wonder if we can buy him out.
Let's say 10000 BTC got stolen. A trusted intermediary (the new administrative board + jury) could create a new asset on GLBSE with 10000 shares, each worth 1 BTC, so that the new company would be 100% publicly owned.
This way, everyone gets their money back AND we save MyBitcoin, which is IMO a valuable asset for the community. Otherwise, both will be lost. Plus, Tom Williams can stay anonymous. Win-Win-Win.
Let's say 10000 BTC got stolen. A trusted intermediary (the new administrative board + jury) could create a new asset on GLBSE with 10000 shares, each worth 1 BTC, so that the new company would be 100% publicly owned.
This way, everyone gets their money back AND we save MyBitcoin, which is IMO a valuable asset for the community. Otherwise, both will be lost. Plus, Tom Williams can stay anonymous. Win-Win-Win.
If this is true, then surely he should publicly release the bitcoin addresses where this fraud took place so that anybody can track the coins.
Tom Williams,
You better come up with %100 of everyone's bitcoins ASAP even if you need to buy them with your own money from one of the exchanges.
Those bitcoins are YOUR responsibility.
I can think of times in my life where I made mistakes, and paid tens of thousands of dollars out of my own pocket to make things right.
Now it is your turn.
Do the right thing.
This x 1000.You better come up with %100 of everyone's bitcoins ASAP even if you need to buy them with your own money from one of the exchanges.
Those bitcoins are YOUR responsibility.
I can think of times in my life where I made mistakes, and paid tens of thousands of dollars out of my own pocket to make things right.
Now it is your turn.
Do the right thing.
If he's not incorporated, he can be sued for his personal assets and cash by anyone and everyone who lost bitcoins from this. I encourage people to take this route once more of his information is revealed, and if he does not fully reimburse every single person who used the service.
Direct from MyBitcoin's Terms of Service agreement. You agreed to it when you signed up, so too bad.
Quote
8.1 While MYBITCOIN LLC will make every effort to ensure the MyBitcoin System is accessible at all times, MYBITCOIN LLC makes no representation that User will always be able to access the MyBitcoin System or the User's User Account and User agrees that MYBITCOIN LLC will not be held liable for any loss or damage, whether direct or indirect, resulting from the use, operation or performance of the MyBitcoin System and/or the Bitcoin Network other than as a result of the deliberate or negligent acts or omissions of MYBITCOIN LLC.
A post by Theymos on July 1st, in another MyBitcoin thread:
Quote
MyBitcoin is still accepting payments with only 1 confirmation. This is insane for a bank. Any miner capable of mining two blocks in a row can steal money from MyBitcoin pretty easily. I'm surprised no one has attempted it yet.
- https://bitcointalksearch.org/topic/m.309173Looking at the reorg log, there may be some truth in Tom's statements. However, I'm not too sure what the proper odds are for how often a reorg should statistically happen, nor do I have the other versions of the blocks listed (my client has been left off for some time).
Maybe we could have two threads. One where people are randomly screaming "GOXED" and another where we discuss the above which to me seems really interesting.
I assume the reorg-link shows the finally accepted blocks? If so, comparing them to the dropped ones should show large transactions where someone transferred money away from mbc.
Tom Williams,
You better come up with %100 of everyone's bitcoins ASAP even if you need to buy them with your own money from one of the exchanges.
Those bitcoins are YOUR responsibility.
I can think of times in my life where I made mistakes, and paid tens of thousands of dollars out of my own pocket to make things right.
Now it is your turn.
Do the right thing.
This x 1000.You better come up with %100 of everyone's bitcoins ASAP even if you need to buy them with your own money from one of the exchanges.
Those bitcoins are YOUR responsibility.
I can think of times in my life where I made mistakes, and paid tens of thousands of dollars out of my own pocket to make things right.
Now it is your turn.
Do the right thing.
If he's not incorporated, he can be sued for his personal assets and cash by anyone and everyone who lost bitcoins from this. I encourage people to take this route once more of his information is revealed, and if he does not fully reimburse every single person who used the service.
I don't have a dog in this fight but the wording of the statement is a bit odd. Total liabilities vs assets is going to come out as a different percentage than Bitcoins on hand vs Bitcoins which should be on hand as it's going to include other creditors - which means that a portion of the Bitcoins they still have on hand might be liquidated to pay those other creditors a percentage of what they're owed.
While receivership raises its own set of issues, their backing away from it raises big red flags because it means that no external party is going to be overseeing the whole process of them paying back depositors - you're going to be left having to take their word about the state of their balance sheet (and at this point it would be insane to take their word about anything).
While receivership raises its own set of issues, their backing away from it raises big red flags because it means that no external party is going to be overseeing the whole process of them paying back depositors - you're going to be left having to take their word about the state of their balance sheet (and at this point it would be insane to take their word about anything).
Well, someone claim their account and tell us what the % is.
If it's like 96% I say all you guys learned a valuable lesson at very little cost. If it's 50%, well, at least you didn't lose it all.
If it's like 96% I say all you guys learned a valuable lesson at very little cost. If it's 50%, well, at least you didn't lose it all.
...and if it's 1% go buy a cheeseburger with that BTC and go choke on it because you failed hard!
Quote
Their balance will be displayed along with the percentage of remaining Bitcoins that we still have in our holdings. That percentage will be paid to a Bitcoin address of their choosing. This percentage will be based on our current total liabilities vs. our existing assets.
This seems strangely worded, wonder what they mean?
SEEMS, MY ASS!!! I've read right through it. There are some things written on this forum that one can see right through it, like this for instance: https://bitcointalksearch.org/topic/m.433346
Looking at the reorg log, there may be some truth in Tom's statements. However, I'm not too sure what the proper odds are for how often a reorg should statistically happen, nor do I have the other versions of the blocks listed (my client has been left off for some time).
A post by Theymos on July 1st, in another MyBitcoin thread:
Quote
MyBitcoin is still accepting payments with only 1 confirmation. This is insane for a bank. Any miner capable of mining two blocks in a row can steal money from MyBitcoin pretty easily. I'm surprised no one has attempted it yet.
- https://bitcointalksearch.org/topic/m.309173Indeed. mtgox requires 6 confirmations, IIRC.
To me seems a bit more of a problem with the mining ecosystem then the confirmation requirement (half a year ago it would be almost impossible for double spending even if the transaction would show up in your client (0 confirmations)). As far as I know, there is no miner with >50% mining share, so the attacker could not have any grip on that.
Still, I can't make up much from their explanation of the bug. The only thing I can come up with is a bug with their SCI sending of bitcoins (not receiving) where bitcoins would be send (and not verified) before the balance in their database would be updated (or that the record update failed). But still, these bitcoin transactions should be somewhere in the block chain and SCI works with a MyBitcoin Account (should have a working email address registered in there).
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